Florida’s Crypto Finance Test: $2M PAC Battle in the 24th District

In Florida’s 24th congressional district, a political action committee funded by crypto giants Coinbase and Ripple has launched nearly $2 million in ads against a Democratic candidate, marking the industry’s first major foray into electoral warfare.

Florida’s 24th District: The First Major Test of Crypto Finance

■Protect Progress PAC, per FEC records, has spent over $2,000,000 on media opposing Democrat Oliver Gilbert.

■The ads featured fabricated Miami Herald headlines unrelated to digital‑asset policy.

■Gilbert denounced the effort as “Donald Trump’s tech‑billionaire buddies” using “crypto con artists” to buy a Democratic primary.

Ripple and Coinbase’s Power Base: Fairshake and the Protect Progress PAC

■Fairshake, chiefly backed by Coinbase and Ripple Labs, reported a $193,000,000 war chest as of January 2026.

■Protect Progress serves as Fairshake’s Democratic‑leaning affiliate, active in the 2026 primaries.

■Its Republican‑leaning sibling, Defend American Jobs, has deployed a combined $1,500,000 in ads for Nick Begich (Alaska), Sydney Gruters (Florida‑16), and Harriet Hageman (Wyoming Senate).

Gilbert’s Reply: “The Tech Billionaires’ Crypto Conspiracy”

■While a Fairshake spokesperson asserted the ads’ underlying facts are true, Gilbert framed the campaign as a crypto‑driven smear.

■His team accused the PAC of misleading voters with fake newspaper headlines.

Frederica Wilson’s Endorsement and Stand With Crypto’s “Strongly Supports” Rating

■Incumbent Rep. Frederica Wilson, who voted against the CLARITY and GENIUS Acts, backed Gilbert.

■Florida state senator Shevrin Jones, who led Gilbert in an early August poll, earned a “strongly supports” rating from Stand With Crypto after completing their questionnaire.

The PAC’s $193 Million War Chest and Its Role in the 2026 Midterms

■Fairshake has already funneled over $82,000,000 into primaries and special elections.

■Spending highlights:

- More than $150,000 supporting Lois Frankel’s re‑election in Florida‑23.

■Backing Republican candidates Nick Begich (AK‑AL), Sydney Gruters (FL‑16), and Harriet Hageman (WY‑Senate).

Crypto’s Growing Political Footprint: A Signal for What’s Next

■Direct political spending by crypto firms signals a shift toward greater influence in Washington.

■With CLARITY and GENIUS still pending, PACs like Fairshake could shape the legislative agenda ahead of the 2026 elections.

■The outcome of these races will be a key barometer for how crypto regulation evolves in the next Congress.